Economic Minister Mohamed Saeed has denied stating that the bunkering service, launched in September, will generate a USD 400 million revenue within a year.

Speaking at the ruling People's National Congress (PNC) campaign hall in July, Saeed assured that the service would generate USD 400 million within a year.

"What is the impact of this [bunkering] on the economy? Firstly. From this July to the end of July next year, when we estimated, the Maldives' GDP is USD 6.5 billion. Hopefully, additional USD 400 million will enter that amount," he said.

But at a press conference at the President's Office on Monday, Saeed said he had previously said the government would work to reach the target of USD 400 million.

"[I said] one percent of that is about USD 400 million. That is the target we are working towards. I have not said, before or today, that USD 400 million will enter Maldives' GDP on the day bunkering starts," he insisted.

Saeed has previously refused to disclose the revenue earned from bunkering when questioned by Adhadhu.

He said the State Trading Organisation (STO) had brought two shipments of oil to provide bunkering services so far.

He also said that providing international bunkering services is a new initiative in the Maldives and there are many challenges in the project.